Full and final settlement help thread

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  • peteuk
    peteuk Posts: 1,286
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    I've just paid off two provident loans with Lowell...30% at £700 paid

    I phoned them and offered 30% for one loan, which was rejected. I called back a few days later to offer the same amount which they said they couldn't do. So I added £1 and it was accepted.

    I then made an offer on the second loan, which was £1 short of what I had originally planned to offer. They accepted that. Within 2 hours we had email confirmation that they would accept this as a full and final settlement. They even allowed us to pay one loan a month.
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
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  • selinek
    selinek Posts: 71
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    Hi peteuk and pbsmiles. Encouraging news. Just a query did either of you go down CCA REQUEST first or just went and made offers ?
  • pbsmiles
    pbsmiles Posts: 102 Forumite
    selinek wrote: »
    Hi peteuk and pbsmiles. Encouraging news. Just a query did either of you go down CCA REQUEST first or just went and made offers ?

    Hi,
    i went straight to offer, had been on a DMP for 8 years started at 70k got down to 38.8k, to be honest I just want it done and dusted as its been a stressful time so I just went straight with offers.

    Hope this helps and good luck.
  • selinek
    selinek Posts: 71
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    pbsmiles wrote: »
    Hi,
    i went straight to offer, had been on a DMP for 8 years started at 70k got down to 38.8k, to be honest I just want it done and dusted as its been a stressful time so I just went straight with offers.

    Hope this helps and good luck.

    Yes it does. I’m going down the CCA route but gives me hope that offers can be accepted if they’re enforceable or otherwise. Thanks for sharing must a weight of shoulders. Good luck for the other negotiations .... on and upwards :)
  • fatbelly
    fatbelly Posts: 20,380
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    peteuk wrote: »
    I've just paid off two provident loans with Lowell...30% at £700 paid

    I phoned them and offered 30% for one loan, which was rejected. I called back a few days later to offer the same amount which they said they couldn't do. So I added £1 and it was accepted.

    I then made an offer on the second loan, which was £1 short of what I had originally planned to offer. They accepted that. Within 2 hours we had email confirmation that they would accept this as a full and final settlement. They even allowed us to pay one loan a month.

    It's just a thought but Lowell have been major players in debt buying over the past few years and also pretty litigious. They are sitting on a 'book' worth £1.9 billion, on paper.

    From 1 October it is going to be more difficult for them to take court action as there is a new pre-action protocol.

    I wonder if it is going to make them more receptive to settlement deals?
  • DrWatson1
    DrWatson1 Posts: 130
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    fatbelly wrote: »
    From 1 October it is going to be more difficult for them to take court action as there is a new pre-action protocol.

    Interesting - do you have more details regarding this?
  • fatbelly
    fatbelly Posts: 20,380
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    DrWatson1 wrote: »
    Interesting - do you have more details regarding this?

    https://debtcamel.co.uk/letter-before-claim-ccj/
  • saffsmum
    saffsmum Posts: 19
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    Hello, apologies if this has already come up, we sent a settlement offer (around 30% of the debt owed) to one of our creditors, (Managed by Westcot). They rejected our offer but gave us a figure they would accept, which was around 50%. Having read posts about Wescot on these forums I was surprised how generous it was. I accepted. They are now saying it was an error and that the actual offer should have been 90%. I have spoken to an agent and a Team leader at Westcot so far but they have both said that there is nothing I can do and they can't accept the 50% amount they originally offered. I have the email. Where do I stand on this? Can they just move the goalposts like that?
  • sourcrates
    sourcrates Posts: 28,730
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    saffsmum wrote: »
    Hello, apologies if this has already come up, we sent a settlement offer (around 30% of the debt owed) to one of our creditors, (Managed by Westcot). They rejected our offer but gave us a figure they would accept, which was around 50%. Having read posts about Wescot on these forums I was surprised how generous it was. I accepted. They are now saying it was an error and that the actual offer should have been 90%. I have spoken to an agent and a Team leader at Westcot so far but they have both said that there is nothing I can do and they can't accept the 50% amount they originally offered. I have the email. Where do I stand on this? Can they just move the goalposts like that?

    Hi,

    Unfortunately yes they can, Wescot only manage accounts on behalf of there clients, they have autonomy up to a certain point, at which time they must refer back to there clients for an answer.

    In your case it looks like someone at wescot took it upon themselves to be a decision maker, without the necessary authority from the client, as soon as this was realized, the offer was rejected.

    That is the most likely scenario.

    You can write and complain, exhaust there complaints procedure, you wont win, but you may obtain a small amount of compensation for your troubles.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Dandytf
    Dandytf Posts: 4,795
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    Hi
    Is it possible to start requesting f+fs for 1 debt at a time during step change dmp.
    Can’t beleive 90% of my debts are in the hundreds range rather than thousands range since 2012.
    1. -If successful with f+fs one at a time- does this upset or stop step change DMP in anyway
    2.-Are f+f’s ‘worth it’ credit ratijng wise.
    E.g. I know I have mutiple defaults since 2012 -does a settled f+f look worse if some of my defaults are due to dropn after 6 years.
    Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500.
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